Today Grain Future

Corn futures closed 4 to 5 cents higher on the day. According to EIA data, US ethanol production increased to average 943,000 barrels per day last week, which was up 16,000 b/d from the week before. Stocks of ethanol were down 400,000 at 17.9 million barrels as the reduced July 4 week production was smaller than demand. Ethanol imports averaged 5,000 bpd. Private exporters reported to the USDA export sales of 210,448 MT of corn to unknown destinations for delivery during the 2014/2015 marketing year. In other export news, South Korean buyers were said to have bought 55,000 MT of optional origin corn for December arrival. Trader talk is the EU is now enforcing a €5.32/t import duty ($7.20/MT) on corn in response to US prices dropping below the EU reference price.

Sep 14 Corn closed at $3.78 1/4, up 4 1/4 cents,
Dec 14 Corn closed at $3.86 3/4, up 5 cents,
Mar 15 Corn closed at $3.98 1/2, up 5 1/4 cents
May 15 Corn closed at $4.06 3/4, up 5 cents

Soybean futures closed 6 to 17 cents higher. Private exporters reported to the USDA export sales of 120,000 metric tons of soybeans to China for delivery during the 2013/2014 marketing year; as well as an additional 240,000 MT of soybeans to unknown destinations for delivery during the 2014/2015 marketing year. Chinese futures prices for September have dropped below $19 per bushel, but the import spread is still very attractive even with tariffs and freight. There is also potential for a widespread strike in Argentina. Trader talk is that South Korea’s MFG is tendering for up to 55,000 MT of soy meal.

Aug 14 Soybeans closed at $11.87 1/4, up 6 3/4 cents,
Sep 14 Soybeans closed at $11.21 1/2, up 17 1/4 cents,
Nov 14 Soybeans closed at $11.02, up 15 3/4 cents,
Jan 15 Soybeans closed at $11.10 1/2, up 15 1/2 cents,
Aug 14 Soybean Meal closed at $383.70, up $4.60,
Aug 14 Soybean Oil closed at $36.83, down $0.07

Wheat futures closed mixed, with Chicago fractionally higher. Trader talk is that Algeria has tendered for 50,000 MT of milling wheat for October shipment. The Russia Ag Ministry has commented their total grain harvest will be 100 MMT, which is up 3MMT from the previous forecast of 97 MMT. According to SovEcon, prices for Russian wheat have come down significantly as the new crop becomes available. Chicago futures are holding above a multi-year uptrend line dating back to 2005. Trade expectations for the weekly USDA Export Sales report are modest, as the reporting period includes the July 4 holiday weekend.

Sep 14 CBOT Wheat closed at $5.38, up 1/4 cent,
Sep 14 KCBT Wheat closed at $6.37 1/4, down 1 3/4 cents,
Sep 14 MGEX Wheat closed at $6.28, down 2 1/2 cents

Live Cattle futures settled $0.05 lower to $0.07 higher. Feeders were $0.72 to $1.07 lower. Wholesale beef prices were mixed. Choice boxes were 29 cents higher today at $250.82, with Select boxes down 60 cents at $242.86. The choice/select spread widened 89 cents. A few cash cattle trades have been reported at $155 today, with $244 in Kansas on a dressed basis. Asking prices are mostly in the $248+ range in the north. The CME Feeder Cattle Index was off $0.65 from the previous day at $216.12. Week to date FI slaughter at 344,000 head is down 6.5% from year ago.

Aug 14 Cattle closed at $147.675, up $0.050,
Oct 14 Cattle closed at $151.300, up $0.075,
Dec 14 Cattle closed at $152.050, down $0.050,
Aug 14 Feeder Cattle closed at $209.825, down $1.075
Sep 14 Feeder Cattle closed at $210.500, down $0.725
Oct 14 Feeder Cattle closed at $210.675, down $1.000

Lean Hogs settled $0.17 to $0.75 lower. The average pork carcass cutout value continues to rise seasonally, gaining 71 cents to $135.89 today. The volatile belly primals were down $4.92, but loins were quoted $5.50 higher. The CME Lean Hog Index has tacked on another $0.58 at $133.36. Cash hog prices in the Eastern Corn Belt (ECB) were not reported due to confidentiality rules. The WCB weighted average is down $1.35, with the IA/MN area values down $1.65 from the day before in the pm report. Week to date hog slaughter at 1.555 million head is down 32,000 from last week and off 4.4% from the same point in 2013.

Aug 14 Hogs closed at $130.525, down $0.175,
Oct 14 Hogs closed at $115.075, down $0.750
Dec 14 Hogs closed at $104.000, down $0.400

Cotton futures closed 14 to 24 points lower on the day. December futures on the ICE settled at the lowest reading for an “active month” since June 2012. October is ignored due to limited volume. China cotton futures on the Zhengzhou exchange for Jan delivery were up 0.50%. Cash trading for business to business sales was reported at 54 bales on the Seam. ICE Certified stocks were last reported at 321,455 bales, with 3,953 new certs, 49,712 decerts, and 6,384 bales awaiting review. The Cotlook A Index is down 0.50 at 83.05.

Oct 14 Cotton closed at 68.39, up 14 points,
Dec 14 Cotton closed at 67.64, down 11 points
Mar 15 Cotton closed at 68.3, down 24 points

 

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